How you CAN cash in on unused foreign coins and notes – even if the currency no longer exists

Have you got a drawer full of random foreign notes and coins? If so, you’re not the only one. This is how to turn unused foreign currency into pounds and pence you can spend – even if the currencies no longer exist

British holidaymakers are sitting on an astonishing £1.8billion of leftover foreign currency after trips abroad, according to research.

Foreign exchange firm Leftover Currency found each British household has, on average, £65 worth of unused travel money lying around. That adds up to a staggering £1.8billion in total for the UK’s 27.1 million households.

The research also looked at which currencies Brits are most likely to find in their drawers. Euros and US dollars topped the list, closely followed by Swiss francs.

But, perhaps surprisingly, five pre-euro currencies are also in the top 10 currencies most found in British homes: Deutschmarks, Spanish pesetas, French francs, Italian lire and Irish pounds.

How to cash in expired notes and coins

Contrary to what most people think, these old pre-euro currencies are not worthless, even if the central bank of the country concerned has stopped exchanging them for legal tender. Both Leftover Currency and Unusedtravelmoney.com will exchange them as well currencies in legal tender in various parts of the world.

"Many people don't realise what the old currency in their drawers is worth,” said Leftover Currency director Mario Van Poppel.

“At Leftover Currency we exchange both coins and notes, including the pre-euro currencies and withdrawn banknotes from outside the eurozone.

“It's very common that people think their old currency is worthless, but then it turns out it's worth more than £100 pounds. I would advise anyone with a ‘travel drawer’ to explore what treasures might be hidden inside."

Leftover Currency will give you an online quote as to how much your currency is worth.

If you’re happy with it, you can send the cash in the post or via courier, or deliver it in person at the firm’s office in Regent Street, London. It then pays you via bank transfer, cheque or PayPal.

Unusedtravelmoney.com offers a similar service. It buys coins and banknotes not usually accepted by foreign exchange services, as well as expired banknotes for a range of currencies. Its buy back rates are listed on its website.

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Notes are easier than coins

If you come back from holiday with a wad of notes but no coins, you have more options about where to change the money back into sterling.

Ian Strafford-Taylor, chief executive of travel money company FairFX , warned holidaymakers against exchanging their currency at the airport.

“Airport bureaux de change are renowned for offering poor exchange rates and unsuspecting customers can lose out as much as 20% of their leftover currency,” he said.

If you want to sell your currency back to a bank or foreign exchange bureau, you’ll need to shop around for the best rates. But this is easier said than done as consumers often face poor rates of exchange and a lack of transparency from these providers.

While ‘sell’ rates are listed prominently on foreign exchange companies’ websites, ‘buy back’ rates are either hidden away or not listed at all.

There could also be limitations on what you can exchange. International Currency Exchange (ICE), for example, states it will only buy leftover currency if you used ICE to buy the currency in the first place.

There’s also a maximum transaction of £300 and you’re only allowed one transaction every 14 days.